Victorious skipper James Spithill says it's about time Australia re-entered the race to win back the America's Cup, given the country's heavy involvement in the event's recent history.

Hamilton Island Yacht Club was on Tuesday accepted as the Challenger of Record for the 35th staging of the event by holders the Golden Gate Yacht Club of San Francisco.

The bid was backed by millionaire winemaker Bob Oatley and his son Sandy.

However the Australian entry will still have to triumph in a challenger series if they are to contest the America's Cup against defenders Oracle Team USA, which Spithill last week steered to victory in a stunning comeback over Team New Zealand on San Francisco Bay.

"It's about time Australia's back in the game," the Victorian told Fox Sports on Tuesday.

"When you look between all the teams here in the past 10 years of America's Cups, there are a lot of Australians involved - sailors, athletes, designers, engineers, boat builders. There's certainly no shortage of Australian talent for a team."

But when asked whether would consider switching allegiances to join Australia's latest campaign, Spithill remained coy.

"I haven't made any decisions yet. It hasn't even sunk in that we've just pulled off the biggest comeback in sporting history," he said.

"To be honest the last few days have been pretty clouded - between not much sleep, a lot of partying and also getting over a bit of a flu."

Three other Australians were on board the winning American boat - including 2012 Olympic Laser gold medallist Tom Slingsby - with a host of others part of a broader Team USA crew.

Australia's last attempt to break back into the America's Cup was in 2000 off Auckland, when Syd Fischer fielded a youthful crew skippered by then 19-year-old Spithill.

The team, Young Australia, finished second last in the Louis Vuitton Cup series which decided the challenger to Team New Zealand.

Spithill said the Cup had undergone enormous changes since Australia II's famous win in 1983 and expected the latest entry to spark plenty of interest among fans back home.

"This is a completely new world," he said.

"We're sailing boats that do 45 or 50 knots - 80km on the water.

"It's got everything. As a TV product, it's right up there now with the best of them - the technology, the graphics, educational. This is what people call in America `the NASCAR on water'.

"The Australian audience will really get behind this, they're going to love it."